Talal Moafaq Al Gaddah talks about MAG’s vision for a more inclusive property market
Exciting times are ahead for MAG Property Development (MAG PD) as it adapts projects on the drawing board to existing market demands, pursues its theme of wellness in real estate and affordable living, recently adding MAG of Value to its project portfolio.
PW catches up with Talal Moafaq Al Gaddah, its CEO, to get the details.
What will be your development strategy for the next few years?
Our plan for 2017 and 2018 is to deliver real estate developments that are accessible for each socio-economic segment in Dubai. With that in mind, we are busy with our MAG of Value division which is aimed at developing what we call ‘value homes’. MAG of Value blends quality real estate with planned community living and honest return on investment.
Which new projects are part of the MAG of Value portfolio?
One exciting upcoming project in this portfolio is MAG Eye, an exclusive gated community of 4,000 apartments and 535 townhouses located in Meydan. The project will allow residents to unwind in a safe and tranquil environment with open green spaces. Landscaping plays a central role in this project. While the buildings form a central hub, there is also a community area for residents. Amenities will include retail spaces, a mosque, kindergarten, and the largest community clubhouse in the city.
Your MAG 230 project in City of Arabia has been on the drawing board for a few years. Why the decision to launch it recently?
City of Arabia presents valuable residential and commercial investment opportunities. It will become an important destination, and urban community, within new Dubai. It will also feature the Mall of Arabia, one of the world’s largest shopping malls once completed, Wadi Walk and Elite Towers. It will also include many other amenities that will complement the commercial and residential buildings.
With the launch of IMG Worlds of Adventure at the end of last year, the area is now shaping up nicely. We believe this to be the right time to launch MAG 230.
What about MAG 230’s design and features?
MAG 230 will be a prestigious residential landmark in the heart of Dubailand. It is designed on an L-shaped plan and will consist of a ground floor, parking floors, a podium, a health club, a technical floor and 31 residential floors. The luxury project offers residents the option of spacious one, two and three bedroom apartments, which are characterised by well-appointed living spaces, modern and upscale interiors, and luxurious high end finishes. One of the distinguishing features of the development is its unique jogging track that is 3m wide, 219m long and situated on the podium roof.
You also recently launched the MAG 318 in Business Bay. Is this a re-design of the MAG Luxury Tower with 62 high-end apartments starting at Dh2,500 a square foot, and with direct connection to the lake?
Yes it is the same tower. However, it was changed from a luxury tower to a mid to high-end development in respond to the growing demand in this segment.
The MAG 318 Tower features 439 residential units complemented by a mix of retail, dining, leisure and entertainment amenities. The project is strategically located within a five-minute walk to Downtown Dubai, and offers residents outstanding views of both Downtown Dubai and the Dubai Water Canal. A one bedroom apartment will start at a price of Dh799,000, and we will also be offering an attractive payment plan of 5 per cent on downpayment, 5 per cent every three months, and then 65 per cent upon completion of the project at the end of 2019.
Is there a particular reason for your 35/65 payment plan formula?
Innovation has always been the foundation of MAG PD’s strategy. The unique and comfortable, 35 per cent down payment and 65 percent upon completion plan, is designed to offer our customers a convenient payment plan to take the stress out of property ownership. We believe that every developer should think on the customer’s behalf first and foremost, and this is just one example of how we do this.
Can you update us on your affordable housing project, MAG 5 Boulevard?
Construction of MAG 5 Boulevard is on track, and we are pleased that 40 percent of the project is now complete. Work is progressing with substructure works entering the final stage and superstructure works continuing in all six buildings. The early stages of block work are also currently underway. Once completed this project will be home to a community spread across 800,000 square feet with 1,452 residential units.
How has your MAG of Life concept been received by investors?
The MAG Creek Wellbeing Resort is the first wellness-inspired real estate development in the region and the largest in the world. The global wellness real estate market is valued at around US$ 4 trillion, with increasing interest globally and in the region for this type of property.
We are pleased to be bringing this concept to the UAE in a partnership between MAG of Life, the Wellness Real Estate Division of MAG PD, and Delos, a New York-based wellness real estate and technology consultancy. The wellness real estate concept has grown in popularity thanks to our research and studies, and we are optimistic about the investor interest our project will attract.
Designed to enhance the happiness of its residents, MAG Creek Wellbeing Resort integrates the best of science, medicine and technology within the built environment. It is a mixed-use wellness resort, that is home to 17 unique waterfront mansions, 75 luxury apartments, 172 serviced wellness holiday homes, a Worldcare Wellness Centre and a 96-room Wellness Hotel, as well as dining, retail and leisure options.
The whole project has been impeccably designed by renowned Italian architect Carlo Colombo, and built adhering to the patented Delos Well Building Standard.
[Source: Gulf News, Sept 27, 2017]